On August 23, 2019, Sumitomo Mitsui Financial Group, Inc. announced an agreement to acquire TT International.
Under the terms of the transaction, TT will continue to operate independently of Sumitomo Mitsui Financial Group, Inc. (“SMFG”) post-closing, with Tim Tacchi continuing in his role as managing director. The transaction is expected to close at the end of March 2020, subject to the approval of relevant authorities. Further terms of the deal were not disclosed.
SMFG is a Japanese bank holding and financial services company that manages financial operations for its subsidiaries and provides commercial banking and various financial services.
TT is a UK-based asset management company with $8.4 billion in assets under management as of the end of July 2019.
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